liz: more than 500 billion. >> okay, so he didn't do it -- no, you had the best quote from warren buffettng hike that? liz: yeah, something like that. >> so that ooh's not really saving, he made a killer of an investment. liz: hey, when no bank will lend to you and buffett lends -- >> at extortionary rates. so you think he's a good guy. he's okay, right? liz: he's made his investors money. >> you like him personally. liz: very much so. he's pretty much a very interesting guy x anybody who dislikes imhim, if you met him -- >> every time i criticize him, ben stein, you know, the economist who's a contributor to fox, always says what a great guy he is. liz: charlie gasparino, thank you very much. we are coming right back. the dow is now down nearly 200 points. we're in the red, folks, stay tuned. seven minutes left, you can't miss it. just wanted to touch base. we came to manage over $800 billion in assets, through face time when you really need it. it's how edward jones makes sense of investing. ♪ 800,000 hours of supercomputing time, 3 million lines of code, 40,000 sets of eyes, or a milli

warren buffett himself has talked about the buybacks they have done. the history books are far from written on that investment. betty: and warren buffet has had some other wins, some smaller ones in his portfolio. >> exactly. it is a testament to how big berkshire is these days. lifened all most 20% of a insurance company that is being purchased now for almost $4 billion, you know, at a premium, so there will be a game there. anhad a large stake in insurance companies, which he cut a little bit in the third quarter, and it looks like he might have made some money there. commentary ona how big berkshire is, because it you can have these things that, for any other investor would be great and might influence the results for the quarter, but when you are dealing with sums the size of warren buffett and you do a deal, like kraft heinz, a $7 billion game, it can outweigh everything else. that he goes thank you so much for joining us from seattle -- eddie co. thank you so much for joining us. still ahead, a rough time for value-focused hedge funds. from david

. >> the warren buffett berkshire hathaway beating on earnings but >>> welcome back, let's get a market flash on ibm. seema mody back at headquarters with that. >> the warren buffett berkshire hathaway beating on earnings but a loss of $2 billion from the investment in ibm. but berkshire is sticking behind the company saying ibm continues to be profitable and generate significant cash flows. we have no intention of disposing our investment in ibm common stock. and that we expect the fair value of our investment in ibm will recover and ultimately exceed our costs. sara, ibm shares have been underperforming, down about 14% year-to-date. definitely not a winner so far this year. >> seema mody. thank you for the update. dan, we knew this was the loser recently for warren buffett and now we know it is a $2 billion loss this quarter. >> he talked about how there is a lot of cash flow that they are using to buy back their stock. >> and they are arguing they are buying stock and investing. >> they are just managing earnings and the earnings and the sales are declining. i'm shocked -- >> the jus

. >> as i look for investment something that warren buffett has said which is that investment committees should be odd numbers and three is too many. >> and a hard-working dedication is driving this auto dealer fueling a powerful rise in profits. >> i've been very, very fortunate to surround myself with a lot of very, very good people, not only good car people but just good individuals that are just hard working, dedicated, loyal, and they see the vision and what the dream is. >>> welcome back to "our world with black enterprise." becoming a successful entrepreneur or even a wealthy individual isn't easy. but if there's anyone who has the formula to get you there, it is my "all-access" guest. take a look. michael lee chin is a self--made business mogul, banker, investor and than throwphilanthropist. he left a career to pursue a career as a financial advisor, a lucrative decision for a jamaican jamaican-born canadian. he once accumulated an estimated net worth of $2 billion. today his portfolio of diversified companies spans across financial services, tourism, real estate, and health care

scarlet: warren buffett is having a tough year.raft-heinz that on may have saved the day. noah covers berkshire hathaway and joins us from seattle. >> i'm doing well. scarlet: thank you for joining us. kraft is a big win but there are a lot of laggards. when we look at the stock portfolio at berkshire hathaway -- everyone identifies warren buffett is being a great stock picker. he has had some real challenges in walmart and amex and ibm which are three of the four sorry, four ofs the 10 biggest holdings in his company. that has been outweighed by this big bet he made on kraft-heinz. he was instrumental in putting them together. through a number of transactions, he will be booking an enormous gain in earnings -- it will atct about $7 billion pretax. has this emboldened warren buffett to go find his next big elephant? yeah, i think it puts an underline. berkshire hathaway at this point in time is much more about the deals that warren buffett can do rather than a stock portfolio. it's an important part of the company but where he is a

david: how common is this, for warren buffett to trim like this?w he has professed want to hold onto stocks as long as possible. how rare an occurrence is this for him to trim the portfolio? noah: it is not too rare. it all comes down to opportunity cost. when he buys a business, like he is doing with precision castparts, he fully intends to hold it for ever. stocks, he likes to hold on for as long as he can, but he is more flexible there, and has been willing in the past to sell to make a purchase. david: anything else of interest in that filing with these two companies? noah: a couple other headlines. now a major shareholder in at&t. they were big shareholders in they supported the merger with at&t. as a result of the deal getting closed, they are now a big holder of at&t. for your time,u noah buhayar in seattle. questions about the sony playstation network and its use in terror. ♪ there is some skepticism about how much isis supporters would be using something like this. there are secure and encrypted messaging out there, like telegram, the mess

warren buffett is giving away all of his money. i will essentially be doing that as well. i decided i would rather be giving it away while i was alive. anthony: tell us a bit about how you are doing that today. david: i have a unique style. most people like other people' s -- their own ideas better than others. no one came to me and said that the magna carta should be -- say the united states. i basically realized i was elected to say the united states and i gave it a permanent loan. i began the process of buying historic documents and putting them on display so that americans could see them and learn more about their history and fixing historic monuments like monticello as a way of kind of reminding people of our history. my goal was to make people better informed citizens. i call this patriotic philanthropy, to give back to your country as a thanks for the great fortune the people like i have had in this country. it is an ancient greek word that means loving humanity. not rich people writing checks. generally i think when you help other people, you feel better about your

dan, we knew this was the loser recently for warren buffett and now we know it is a $2 billion loss this quarter. >> he talked about how there is a lot of cash flow that they are using to buy back their stock. >> and they are arguing they are buying stock and investing. >> they are just managing earnings and the earnings and the sales are declining. i'm shocked -- >> the justification for massive buybacks is typically you need to return massive amounts of cash to shareholders except they don't have any net cash on thur balance sheet, people. so this doesn't make a whole lot of sense here. so this is really a stock you have to stay away from. they have not figured it out. >> and what does that mean. >> in the long-term? >> it is going down. >> looks like we're in full agreement here on the desk. time for total recall where we look back on open trades. last week both cohen and carter thought stocks were getting too hot. take a listen. >> we bounced off this trend line consistently, consistently. we trade it around 48 and change and a 10% drop. if you've got it, trim it, sell it. if you wan

warren buffett's berkshire hathaway beating on earnings but it saw unrealized losses of approximately $2 billion from its investment in ibm. but berkshire is sticking behind the company saying ibm continues to be profitable and generate significant cash flows. we currently have no intention of sfoezing our investment in ibm common and that we expect the fair value of our investment in ibm will recover and ultimately exceed our costs. sara, ibm shares have been underperforming the major indices, down about 14% year to date. definitely not a winner so far this year. >> seema mody. thank you for the update. dan, we knew this was the loser recently for warren buffett and now we know it is a $2 billion loss this quarter. >> it's funny, he talks about how they're generating a lot of cash flow that they are using to buy back their stock. just blow it up. so like at the end of the day -- >> they had argued that they are buying that stock and investing. >> they are just managing earnings, and that's all they're doing. the earnings are declining and the sales are declining. >> the justification

. >> i think something i guess it's part of our job and it's kind of warren buffett managing. >> some philosophy there. sort of comparing the alphabet to brookshire hathaway, the focus on tech, science, and -- we've been doing. they've been doing, and the analysts have been doing ever since they announced it. >> definitely their time horizons are in the same ballpark. things they've been working on for decades. >> yeah. meantime, we want to talk about -- obviously impacting 2,000 shares between digital soaring this morning. up 14% or so after news that activision blizzard will buy the candy crush maker. that came at $5.9 billion. what does the deal say about the state of mobile gaming and video gaming in general? we have on the ceo newsline the ceo of zinga. tom, thanks for joining us. >> thanks. nice to be on. >> if anything, what do you think about the marriage of call of duty and candy crush? >> it's kind of like ferrari buying a bicycle company. loo what do you mean? >> one of these things isn't really like the other. you have a company that based on world of warcraft and call of

warren buffett is going to be there campaigning for her. two issues most likely to come up in conversation tax reform. that is a big one. minimum wage and income inequality in general. david, you know this warren buffett is worth something like $63 billion. he has famously said he considers it unfair less, lower income tax than his executive assistant which i'm sure she suggested he give her a raise. meantime he is in a different tax bracket. he pointed out that he is unfair. we know he proposed or actually president obama propose ad so-called "buffett rule." if you make over a million dollars a year, you would have to pay at least 30% in federal taxes. one area where warren buffett and hillary clinton do not see eye-to-eye is minimum wage. so we'll see if there is a little bit of discussion there, if that comes out to show some of the differences but income inequality and tax reform likely to be the two main subjects, david. david: income inequality from a megabillionaire. deirdre, see you at the top of the hour. "risk & reward." you don't

warren buffett have been using that money for some thing else?hat said, you have this group of operating companies did everything from railroads to geico, all sorts of stuff. in the aggregate, the balanced expectations for earnings from even the insurance has been struggling a little bit, other things made up for that. betty: is anyone talking about bnsf being a possible beneficiary now that obama has rejected the keystone pipeline? noah: certainly a possibility, something folks have been talking about for a while. from:ot a big tailwind oil. block andn top of the fields in north dakota. they have tracks in the northern part of the u.s. that could be hauling some of these oilsands from canada. the question really becomes how much of that oil is going to be taken out of the ground with oil prices where they are right now? the short-term benefit is harder to say but maybe over the long-term it is. betty: thank you so much. still ahead, we are talking about another billionaire. charlie ergen. why dish network can't stop subscribers from leaving? ♪ b

warren buffett is third. sony says they're finally pulling the plug on the technology.before there was netflix, or even d-v-d's, there was video-cassettes.sony says they will stop making betamax tapes in march of next year..back when it debuted in 1975, betamax was considered cutting-edge technology.it allowed direct recording from a television signal, which was revolutionary at the time. but betamax would soon lose a major format war with rival 'vhs' - made by jvc.sony made its last betamax recorder in 2002. ??? has your weather to go next...but first here's a look at today's markets. that does it for us here on the cbs 2 news at noon.our next newscast is this afternoon live at five.and you can see us right back here tomorrow morning at 5 a-m.

geico is a big business for warren buffett. frequently one of the bigger jupiters to earnings. but this kraft heinz gain will dwarf everything else in the third quarter. betty: just to be clear, he has had smaller wins too, right? noah: definitely. he had a holding in munich three, which is a big insurer in europe. he sold that at what looks like a prophet. he also had another insurance investment in a life company called sumitra that looks like it will be a win for berkshire as well. the other thing that we have not intioned is that buffett, august, did one of his biggest deals. he bought this company called position cast parts, based in portland, oregon, and they are a large supplier to the aerospace industry. what berkshire shareholders that i spoke with like most about the deal is that it will add to the earnings power of buffett's comp any over the long haul. there is some dispute over whether he paid a good price for it, but over the long haul, analysts and investors i spoke with thought it would probably turn out well. w

what is $1.25 billion for warren buffett?$3 billion a year to the gates foundation, on whose board he serves. i've had rich people--very, very rich people--tell me, "we know how to make a lot of money. we do not have a clue what to do with it, and that includes us." so if we want to be very practical about it and speed things up, if we know very rich people--and silicon valley has a few of them--recognize the following: that a lot of them could care less. they want to make more money, or they're into their little gadgets. it's amazing how much brain power is being poured on technical changes and innovations of minimal significance. just look at the apps lately. i mean, they're embarrassing as a culture. [laughter] people can find ways to save millions of lives and not make anywhere near the amount of money that some little quigley app for some idiotic whim that is promoted, ok? but there are people in silicon valley--you should try to bring them together for a dinner. i would be glad to attend--who i can show can leave a lega

baby buffett tangling with warren's right-hand man. bill ackman and buffett besty charlie unger slinging mud over stock picks. wait until you hear this one. we'll tell you coming up, stay tuned. but what if you could see more of what you wanted to know? with fidelity's new active trader pro investing platform, the information that's important to you is all in one place, so finding more insight is easier. it's your idea powered by active trader pro. another way fidelity gives you a more powerful investing experience. call our specialists today to get up and running. i found a better deal on prescriptions. we found lower co-pays... ...and a free wellness visit. new plan...same doctor. i'm happy. it's medicare open enrollment. have you compared plans yet? it's easy at medicare.gov. or you can call 1-800-medicare. medicare open enrollment. you'll never know unless you go. i did it. you can too. ♪ ♪ 800,000 hours of supercomputing time, 3 million lines of code, 40,000 sets of eyes, or a million sleepless nights. whether it's building the wor

and he's hot on warren buffett's heels. that must be nice. >>> and the 24-year-old who's $8 million richer today. >>> and the first trailer for one of next year's biggest movies. you're watching show. . [ female announcer ] when you're serious about fighting wrinkles, turn to roc retinol correxion . one week, fine lines appear to fade. one month, deep wrinkles look smoother. after one year, skin looks ageless. high performance skincare only from roc . pain from your day can haunt you at night, don't let it. advil pm gives you the healing sleep you ed, helping you fall asleep and stay asleep so your body can heal as you rest. advil pm. for a healing night's sleep. daddy gator couldn't push the throttle on his little boat any harder if he tried. he's beached here, gazing out on an unforgiving landscape. for while the people who come in here use quilted northern, a toilet paper that works so well they completely forget their experience... daddy gator sees all and he thinks. "this is no place to raise a child." quilted northern

lana zak, abc n, w " tim: billionaire investor warren buffett is hitting the campaign trail to stump for hillary clinton. buffett is set to appear with clinton at a campaign stop in nebraska next month. it's the democratic presidential candidate's first campaign stop in omaha before the nebraska caucus in march. a clinton campaign source says the two will talk about the need for tax reform and income inequality. buffett has long been a fan of clinton, contributing to both her campaign and super pac in recent months. he did endorse barack obama for president in 2008, but only after it became clear the then-illinois senator would beat clinton for the democratic nomination. tim: fred's back next with a final check of our forecast. effect in yellow through tomorrow, while a winter weather advisory is for those in light blue. the hd radar shows light to moderate snow. sioux city saw 5.4" of snow today, which breaks the record for november 29. norfolk's 3.7" also breaks a record. elsewhere, 8.0" was reported in sioux center, holstein had 7". road conditions are snow covered across the nort

in fairness, when warren buffett reminds us that the wealthiest people, some of the wealthiest managers, have any effective tax rate lower than middle-class people, clearly we need toend those loopholes and make sure the wealthiest people in this country pay more than they are paying today. fernando: but the question remains, if bernie sanders is not willing to take big money, can he really win? >> next, forcing our hand here at home. and, your time to sound off. are you ready for the invasion of political ads? >> to be honest, i need a little more information right now, so i think it is good. the election is a year away, and fernando: foreign affairs, a topic that will matter next to the candidates and to you. it will be a critical issue in this election. with a world in turmoil, america' s role as a superpower will be challenged, while candidates differ in policy views, there are similarities. most but not all candidates favor a strong american military engaged in the world. marco rubio favors a stronger hand in syria, and so does hillary clinton. in contrast, donald trump and bernie

former british prime minister tony blair and howard buffett, the brother of billionaire investor warren buffetton world hunger. that is today at 6:30 p.m. eastern right here on c-span. the head of the federal election commission recently joined political strategisttwo to look at -- joined two political strategists. this is about 1 hour 10 minutes. >> ready? good evening and welcome to today's, meeting of the commonwealth club of california. theplace where you're in know.

warren buffett getting one big investment right can make up for a lot of laggards.xpected to report quarterly profit on friday. a pretax gain of about $7 billion on a stick and kraft heinz. -- stake in kraft heinz. railroad is spending heavily to regain market share and guy: is struggling with rising claims cost. markets wait with baited breath for data like the job creation numbers do this friday. but do these data show the real picture? yamarone is here to explain his doubts about these numbers. >> i don't know if it's down on the numbers and the validity. i think they are the best statistics in the world. my argument is, the fed policies of lower interest rate are not going to have an effect on the services sector as much as it used to have on the manufacturing sector when we were a manufacturing behemoth. we're just not interest rate sensitive. are notay we interest-rate sensitive, i mean with respect to employment. -- that sincetice the end of june 2009 at the end of the recession, the worst performing group for job creation is manufacturing. we don't need jobs

to check on the news with courtney donohoe. >> hillary clinton will campaign with billion or warren buffetts hometown. they will appear at a grassroots rally in omaha. buffett and clinton are in favor of tax for him. they say the wealthiest americans are not faring there -- paying their fair share. president obama calls this a turning point. the president spoke on the opening day of the conference. >> this is the moment we finally determined he would save the planet. the fact that our nation's share a sense of urgency about this challenge, and a growing realization it is within our power to do something about it. there will be new restrictions placed on turkish fruit and vegetable him worth. previously russia restricted travel to and from turkey and band turkish construction firms. meanwhile, pollution cannot get much worse in beijing. some levels have reached 30 times the levels considered safe by the world health organization. the suspect is a planned parenthood shooting in colorado springs meet -- makes his first appearance in court today. his appearance will be done by video. three peop

>> you know, look i like anything, almost anything warren buffett likes. think that this is a great company in terms of its competitive advantage, there is no question. 3g smart guys they will definitely cut things further. you're going to see even greater savings long term. david: okay. >> obviously there have been layoffs. long term this company will continue to be -- david: eric i have to cut you off in mid-sentence. we have disney earnings. everybody waiting for those. lori, what are the results? >> it's a mixed picture in after-hours session. disney down 2%. at first blush investors not pleased with the report. >> 1.20 a share. revenue is soft. this is a program -- problem. reading obviously everybody is talking about the "star wars: the force awakens" comes out next month. so much excitement and anticipation. there has been a lot of concern about the cable unit, espn. disney of course owns espn. they have these tremendous contracts with the major sporting leagues and cable affiliate revenue has been soft. they have been reporting declining numbers on

warren buffett said it. he said look, i do charity obligations to my company. if the war allows these then people will do them and i don't blame them for doing them. and what you have to do, it is so simple, is to change the law. they -- the only ones that don't want to do it, soo seems to me, because i spent the last -- literal week on the phone talking to all of these guys, centuries and congressmen on the ways and means committee, in the house and on the finance committee, and every one said we definitely should do this. and what you do is pass a law and you say, this money that these companies made over there, they are right not to pay taxes on them. because you know why? because they made widgets over in another country. and they pay taxes in that country. >> what is the chance -- do you think there is a realistic chance? >> i'm hoping. and i'll be proud of myself if we get it done but i'll be proud of the congressman and senators that do it. i do believe that ryan wants to do it and schumer wants to do and i think they want to do it. the fight is you have

. >>> a bit of a rough year for warren buffett. the bright spot for the oracle of omaha and whether you could get in. >>> and some are leaving the street behind and heading to silicon valley start-ups. and could this put pressure on others. >>> and just in time for the holidays, obesity drugs. we've talking the fight against obesity, much more "fast money" straight ahead. and can you explain why you recommend synthetic over cedar? "super food?" is that a real thing? it's a great school, but is it the right one for her? is this really any better than the one you got last year? if we consolidate suppliers, what's the savings there? so should we go with the 467 horsepower? ...or is a 423 enough? good question. you ask a lot of good questions... i think we should move you into our new fund. sure... ok. but are you asking enough about how your wealth is managed? wealth management at charles schwab. today, we're seeing new technologies make healthcare more personal with patient-centric, digital innovations; from self-monitoring devices t

in fairness, when warren buffett reminds us that the wealthiest people, including hedge fund managers, have any effective tax rate lower than middle-class people, clearly we need toend those loopholes and make sure the wealthiest people in this country pay more than they are paying today. fernando: but the question remains, if bernie sanders is not willing to take big money, can he really win? >> next, forcing our hand here at home. and, your time to sound off. are you ready for the invasion of political ads? >> to be honest, i need a little more information right now, so i think it is good. this is where we tt2watv# 14! bt@qft< tt2watv# 14! "a@qvxx tt2watv# 14! bm@q]st tt4watv# 14!" dztq pnl tt4watv# 14!" entq j, tt4watv# 14!" gzt& 9mt tt4watv# 14!" hnt& )c8 tt4watv# 14!" iztq c*@ tt4watv# 14!" jntq qz tt4watv# 14!" lzt& i7\ tt2watv#@6t bt@q5"( tt2watv#@6t "a@q%.l tt2watv#@6t bm@q.%@ tt4watv#@6t " dztq ^(( tt4watv#@6t " entq .,h tt4watv#@6t " gzt& 7+0 tt4watv#@6t " iztq ml$ tt4watv#@6t " jntq _

billionaire investor warren buffett is hitting the campaign trail to stump for hillary clinton. buffett is set to appear with clintonnt a campaignnstop in nebraska next month. a clinton campaign source says the two will talk about the need for tax reform and income inequality. buffett has long been a fan of clinton, contributing to both her campaign and super pac in recent months. coming up...one eastern iowa community center receives a much needed donation from an anonymous person. and....jury selection is underway in the trial of six baltimore cops. that's coming up in just a few minutes. here's a live look at the storm track live dopplerradar. chief f meteorologist mark schnackenberg has your full forecast next. and when you see news - or if you have pictures or video to share... you can do that by going to our paa on faabook. you can also "like" our page to stay up to date on breaking news and weather information. meteorologist mark schnackenberg. this is the kwwl news at five." --------- --------- jeb bush: re's the truth you will not hear from our president: we are at war

former british prime minister tony blair and howard buffett, brother of filling your investor warren buffett, discuss world hunger. the prime minister founded in organization that helps african nations gain access to food. and mr. buffett issuing a collection of graphs on hunger issues. that is at 6:30 p.m. eastern hen

i don' t necessarily think -- you know -- not for me to go against warren buffett that -- >> [indiscernible] >> i don' t necessarily think it i think that people should realize that you are not a long-term investor -- you really aren' t -- i mean, when you get a statement that says you lost x amount of money, you want your money back and when you don' t get it back, you say, oh, i want this comment is, and this, and yet, the quick that is a challenge -- it is a quarterly outlook when you get to the psychology -- >> how difficult has it been treating the equity markets in the last 12 months yet coke >> i will tell you -- in 2008, the volatility was a norm is -- >> right -- >> we had 1000 point moves in the dow back and forth -- the computer trading that takes place now is overwhelming the market. i mean, i had a distinct advantage in 2008. it was the best year ever had with that doesn' t exist anymore. in 2008, i tripled the size that the opportunity was enormous and now i am treating 1/10 the size that i used a trade that i am telling you that the world is always looking for a edge , some s

. >>> and warren buffett's berkshire hathaway saw its operating profit actually slip in the most recenter. that's the number the investors look at in this firm's report as it offers the best read of the conglomera conglomerate's performance. the company did see quarterly profit double following its recent kraft heinz acquisition, though. class b shares fell initially after the close but during the regular session the stock was off a fraction to $136.38. >>> and now to our market monitor who says individual stock selection is key in this low-return environment. the last time he was on in february he recommended symantec, which is down 19%. microsoft, which gained 25%. and qualcomm, which is down about 25%. he's jordan posner, senior portfolio manager at matrix asset advisers. and jordan, thanks for being here. >> pleasure. >> we don't have that much longer in 2015, but what is your outlook for u.s. stocks for the end of the year? >> well, we think there's still a chance for bouts of volatility as we've seen in the third quarter. and then of course over the course of october in reverse. w

no, although i like the comment that these are warren buffett investments.it might possibly matter is that we remember of the events -- the turmoil in the chinese market, we remember the fact that when the fed pulls in september, one of the things they mentioned was the turmoil in international markets. but let's be realistic -- is the fed seriously going to take any major attention off turmoil in the brokerages? of course not. but it might just marginally lead them to say a little cautious in the statement after they make the rate hike. until then they will keep their eyes -- reserve: the federal has a target on the s&p 500. they look at the shanghai composite -- simon: if you think about what janet yellen said back in september, she highlighted china. in terms of how it impacted u.s. markets, think about it. the story of the last 28 years has been one that the fed put, expanding and 87. -- in 1987. what did the fed do in 2013 when they delayed? concept thathis the fed is aware of what happens, not just in domestic markets but in international markets. tom:

if we want a just society and a fair society, warren buffett that we cane best do is provide health caren, a decent wage. encourage -- maybe an earned income credit is a better idea. we will talk about some more ideas. jeff green will stay with us and discuss real estate next. ♪ >> coming up on bloomberg television, jon meacham joins all due respect tonight. i am scarlet fu. "what'd you miss?" the biggest business stories in the news now. cisco reading analyst estimates him a reporting eps of $.59, analysts had predicted $.56. $12.6 billion in revenue. the giant expects sales to be flat to 2% growth. the bad news keeps on coming from retailers. nordstrom's the latest to take a hit. reporting earnings of $.37 for the third quarter. analysts predicted $.72. revenue came in at $3.2 billion. the consensus was for $3.37 billion. 41% of its holdings sold after eight route in developing nation assets. the firm cutting its assets to a combined number of shares. bridgewater was once the biggest investor in the two biggest emerging market exchange traded funds. that is your bloomberg business flas

the sequoia fund has been around since about 1970 and has ties to warren buffett.riends of his, one in particular he had studied at columbia with. this firm called rain can ease and goldfarb is the investment advisor to sequoia. they are the biggest shareholder as of the latest data we have at bloomberg in valeant. that is why they have come to the forefront and been embroiled surrounding/scandal valeant and its practices. cory: there were some interesting changes, resignations of the board and so on. >> one of the things that happened last month, which is quite unusual, two of them quit. sharon osberg is a longtime friend and still bridge partner of mr. buffett so that certainly was surprising to a lot of investors. resignations happen within like five minutes of one another. >> on a sunday in october. cory: that was on a long-term plan. >> exactly, so very unusual. another thing shareholders has said to me is, we do not understand because the sequoia fund managers themselves did not send us a letter explaining why they had resigned, and they did not hear from the

eldeste is -- he is the son of warren buffett and following in his father's's footsteps when it comeso philanthropy. my interview with howard buffett comes out today. he has a foundation that has already given away $775 million in africalobal hunger and we spoke about the differences between charity and philanthropy. >> we try to avoid philanthropy if we can. if you look at what we are doing building threee hydroelectric plants. that is an investment and the people who benefit are the who will continue to receive income, people benefit from it, obviously from their homes, and then dennis -- businesses will be built. an investment and charity kind of comes into play when there is not an opportunity to make an investment, when you feel there is something you should do and you are compelled to do it. >> he tells me he only asks for his father's investment advice if he is not sure about something and only if he is prepared to take the advice. crush.head, candy the company is being taught by blizzard at a 20% discount. what does this say about the mobile gaming business next? ♪ betty: welc

what they are worried about is that old line that warren buffett gave -- when you throw too much moneyrom helicopters, at some point you will see adverse effects. the question is if they really step on the gas, are they going to be creating a monster or creating problems that they can solve later on? what they are hoping to do is to tap the accelerator, take little stimulus numbers, but really over slamming it down and stimulating the economy and flooding it with new money. that is the tension we are seeing right now. manus: nick, thank you very much. we know what to do with the extra money -- spend it on alibaba. simon is still with me. simon, you and i touched on the data, and i asked to is that stopping investors -- give me the feedback on that. i think it is fascinating what you said to me in the break. simon: first of all, there is confusion about what the prime directive of the leadership is. i think that is echoed in the comments -- incremental stimulus, adverse reform, crackdown on corruption -- what is the focus? the second was prevalent last night -- a common view of further

gates is followed by spanish businessman amancio ortega and the "oracle of omaha," investor warren buffett. elias: elias: coming up on local 5 news midday... the fight for $15 brought many workers out to the streets yesterday-- elias: next.... what were the results of the fourth republican debate last night? stick around to get a re-cap of local 5 news midday in hd. we are iowa" elias: local 5 is your severe weather headquarters.. good morning and thanks for joining us for local 5 news midday...i'm elias johnson with chief meteorologist brad edwards.. the story everyone is keeping an eye on... the possibility of torandoes and the guarantee of rain and wind brad: weather adlib brad: meteorologist sam schreier is here with more sam schreier is here with more details on what to expect today and tomorrow-- sam weather adlib: we are in for a very busy day of weather for all of iowa. heavy rain, storms and severe weather are all expected to affect at least one part of the state as we head into this evening. the heaviest rain today is going to occur in northwest iowa during much of the day and ea

maybe other growth investors that have been around for many decades -- warren buffett is the most famousr view is that there's nothing wrong with buying cheap stocks after you do your due diligence. this is what we do very well. we do due diligence and companies to make sure you are not buying traps. we have been doing relatively well compared to others historically. but yes, value should come back at a certain point. i think we still may see a couple of quarters where value is struggling. manus: where are the biggest opportunities? give yourself a pat on the back. we did better than other investors. where are those opportunities? that you: it is clear still find some opportunities in technology and surprisingly in health care. it is anre, even if expensive sector, on the real measure, it is still relatively attractive. you aretilities, starting to find some good opportunities. but you don't find many opportunities in materials energy. francesco, great to have you with us. thank you very much, francesco curto from deutsche asset and wealth management. let's get to the breaking data. mark

oren buffett said when the reputation of the business is bad -- warren buffett so when the reputationbusiness is bad and the reputation of the manager is good, the reputation of the business won't survive. changes beget more changes. martha is a terrific editor, but a lot of people don't like to work with her because she is a terrific editor and likes to make changes on her own. a wave of changes at one level creates a wave of changes at another level. i don't think this should be a great surprise to yahoo! watchers because it has always been thus. emily: the woman is about to have twins. she is about to go on a short maternity leave. i want her to succeed, david. how do you see this playing out? of somebodyhink better than marissa who doesn't have a job. david: tim armstrong didn't have an easy job turning around aol. he improved it. media businesses based on an old model are not an easy task to revive. im sympathetic to the notion that marissa needs time. i think the nature of her hiring and her personal disability in the industry, she is under a more intense microscope than anyone

warren buffett has bought a lot. and he still continues to do so. ibm has going for it is it has a strong tradition of buying back stock and issuing dividends, and that is great for a lot of investors. they havee time, it had a number of transitions and have been able to bounce back. david: thank you very much from bloomberg news. if you want more tech news, make sure you tune in tonight to "bloomberg west," where they will be joined by a ceo, lyndon rive. ♪ >> it is 3:00 p.m. in new york, 8:00 p.m. in london, and 4:00 p.m. in hong kong. welcome to "bloomberg markets." from bloomberg headquarters in new york, good afternoon. i'm betty lou. here is what we are watching at this hour. investors continue to debate whether the economy is strong enough to handle a december rate hike. the biggest corporate loan on record. finance theto biggest beer deal in history. get a cold one. allie baba roxette set more than $14 billion in -- allie baba racks up more than $14 billion in commerce today. we will hear more. we are about an hour away

david: as warren buffett always talks about, is there a lot of competition?y to buy a leader in the field with great management or in the case of one of our large health their businesses, we actually built that over many years. most of the business information businesses in our portfolio are a true leader in their field and are doing great. you in the market for further acquisitions beyond those? steve: no question. we are looking at the energy field and would just ask in various aspects of transportation data. opens, we are certainly for business. although we are very proud of some of the investments we have made in recent years in consumer businesses, with our amd networks and our partnership our venture operation made and invest it in bus feed several years ago and we are proud of that. fabulouspiece of a business that is majority owned by dreamworks. jeffrey katzenberg's company. a stake in another fabulous consumer screening business called complex media. we continue to believe in the media business. david: hearst has been sometimes it is fairly modest.

scarlet: what did warren buffett say? when the tide is going out -- joe: yoe who is swimming naked.he housing more, is it uneven? that conversation up next. ♪ joe: i am joe weisenthal. "what'd you miss?" u.s. home prices have been rising at a steady clip. so where are we in a housing recovery? laurie goodman is the director of the housing finance policy center at the urban institute. thank you so much for joining us. where are we? as the housing market recovered or do we still have a long way to go? laurie: it has recovered in some sense but we still have a long way to go. it is important to realize that delinquency is are elevated. at the same time, one of the consequences of the crisis has been credit availability is very tight. we went from having credit that was way to lose to having a where it is difficult to get a mortgage at the same time. joe: what will change that? it is going toe happen over time. arethe fha and the gse's very aware of the need to expand mortgage credit to those whose credit is a lot less than pristine. the issue is that banks are desperately afraid of buy

gates is followed by spanish businessman amancio ortega and investor warren buffett. jessica rae: every year, the winners of the super bowl shout "i'm going to disney world!" now, disisy may be joining the n-f-l, wiwi c-e-o bob igererorking to move the san diego chargers and oakland raiders to l-a. the saint louis rams also want in... but no market is allowed three teams. disney owns e-s- p-n, which pays the nfl about one- point-nine billion dollars a year to air monday night games. any move would require league permission and local approval to build the stadium. l-a hasn't had an n-f-l team since the raiders and rams moved out of the market in 19-94. jessica rae: yesterday was a busy one at the state volleyball tournament in cedar rapids. central lyon beat gehlen in five-- fofothose highlights head to our website siouxland matters dot com. alex walker has a full rec of the rest of the action. alex walker--the warriors are back at state for just their third time, and it's the first trip since 1985. the warriors opening tournament play against second ranked kuemper cat

barack obama won for individual politician, i think warren buffett won for individual. but here's the point. nobody likes the crony system we're in, but that is the nature of a welfare state. a welfare state must degenerate either into an authoritarian system or a crony system in which the coin of the realm is not i produce goods and services to sell to individuals, it's i've got a contact who is going to give me a special privilege. that's why bernie sanders, by the way, is so popular right now. democrats see hillary as the queen of corruption. and at least sanders is kind of like a left-wing version of ron paul. he speaks his mind, he has ideals. i think they happen to be the wrong ideals, but i think that's one of the reasons why he's so attractive right now. >> host: some of the essays in "the republican party's civil war" include seizing the political high browned for moral intrisht -- ground for moral liberty, the fourth revolution. we have been talking with the editor and essayist of "the republican party's civil war: will freedom win?" edward hedgens of the atla

the first quarter it has reported numbers since the companies combined under the leadership of warren buffett and 3g capital. those results not shown the fruits of all the cost-cutting they planned to do. some other consumer staples, tobacco stocks, other types of consumer staple stocks like procter & gamble also under pressure today. betty: thank you so much, julie hyman at the markets desk. let's get a check on the headlines. mark crumpton has more from our news desk. >> the battle over president obama's signature legislative achievement is headed back to the u.s. supreme court. today, the justices agreed to hear a challenge from religious nonprofits over the affordable care laws birth-control mandate. the group says they are complicit in making contraceptives available in violation of their religious beliefs. this is the fourth time the high court will review a challenge to the law. the obama administration has rejected transcanada's keystone xl pipeline bringing an end to seven years of debate over the project. president obama: this morning, secretary kerry informed me after extensive pub